Sellers :: SoundBiteBlog.com

(sung to the tune “Let it Snow!”

Oh, the Real Estate Market is Frightful,

but for Buyers it’s quite Delightful.

And since there’s so many homes,

“Let it Show, Let it Show, Let it Show!”

It doesn’t show signs of Improving,

so if you really want to be moving,

whenever a Buyer’s Agent calls,

“Let it Show, Let it Show, Let it Show!”

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Okay, so I’m making some phone calls yesterday, trying to line-up a few showings for my Buyer clients. Here in Kitsap County WA, most of the ‘Phone-to-Show’ numbers listed on the MLS data-sheets are direct lines to the Sellers. And so, when you’re making arrangements to show a property, chances are you’re going to be making an appointment with the Sellers…..

I don’t know about your local real estate market, but here in Kitsap County WA the pendulum has pretty much swung over in favor of the Buyer’s side of things. We’ve got a fairly sizable amount of inventory to choose from, prices have dropped rather attractively, and for the ‘not-so-faint-of-heart’ Buyers, there are a number of short sale or bank-owned properties to pursue.

Given the current market dynamics, Sellers must confront the challenges of selling their home ‘head-on!‘ and take a very aggressive approach in effectively marketing their home.

So back to my phone calls from yesterday…

My Buyers have some very specific criteria in what they are looking for in a home: They want a view home – mountain, water, or both; a Master Bedroom/bathroom on the main floor; preferably a 3-car garage; and natural gas. Their price range is up to $500K.

I had picked out 4 potential properties for my Buyers to look at – 2 of them were vacant, and 2 required appointments.

My first phone call went something like this:

Me: “Good Morning! My name is Rich Jacobson, and I’m with Windermere Real Estate in Silverdale WA. I have some Buyers who would like to see your home this evening around 6:45pm. Would that be a convenient time for you?”

Seller: “Oh tonight isn’t going to work for us. We’re currently out-of-town this week and have someone house-sitting for us. Can you bring your Buyers over sometime next week?

The second call went like this:

Me: “Good Morning! My name is Rich Jacobson, and I’m with Windermere Real Estate in Silverdale WA. I have some Buyers who would like to see your home this evening around 7:15pm. Would that be a convenient time for you?”

Seller: “Oh, we’re over in Seattle right now, and the house is a total mess. Can you show it on Friday instead?”

The first property has been on the market for nearly 150 days. The second property for just over a year.

I realize this may seem like fairly basic and obvious advice, but it amazes me how many Sellers continue to throw-up roadblocks that prevent the potential sale of their home, or demand unnecessary hoop-jumping that only serves to discourage Buyers from viewing their homes.

‘Maximum Accommodation’ is the rule of the day! As a Seller, you must make every possible effort for Buyers to see your home. I realize that it gets really old, really fast, trying to keep your home picked up and ready-to-show at a moment’s notice. This is especially difficult if you have kids, or pets, or both.

Give each of your kids a specific task that allows them to contribute to the process of getting the house ready to show. If you’re out of town and someone is house-sitting, give your Listing Agent their cell phone number, and make it the ‘Phone-to-Show’ number for that period of time. If you know you’re going to be away from the home on a given day, make sure the place is presentable before heading out.

Making your home presentable and easy to show will help to give it the greatest amount of exposure to potential Buyers, and increase your chances of getting it sold more quickly!

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: Kitsap County WA real estate, Sellers, selling your home, Silverdale WA Real Estate

A while back, I published an article here on SOUNDBITEBLOG entitled “The Art of Offering Less.” It ended up becoming a 3-part series catered towards a Buyers perspective and provided some practical guidance/advice on how to draft offers that were less than the listing price.

In the 1st article we identified the market dynamics that tend to encourage or breed low offers.

In the 2nd article, we shared various strategies for Buyers to achieve success with low offers.

In the 3rd and final part, we discussed the risks that are inherent with making low offers.

Just recently, I received an offer on one of my listings, a secluded Hood Canal view property near DeWatto Bay in Tahuya WA.

Prior to faxing over the offer, the Selling Agent gave me a heads-up that the offer was going to be less than the current listing price.

How should Sellers respond to low offers, especially in today’s challenging market?

To find out some helpful and practical Seller strategies, go to ActiveRain (the link opens up into a separate window for your viewing ease).

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood.

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Tags: Kitsap County WA real estate, low offers, seabeck wa real estate, seller strategies, Silverdale WA Real Estate

Let’s face it, these are challenging times, especially for Sellers. Nearly half of the market areas in Kitsap County WA have more than a year’s worth inventory of homes currently available for purchase. Add to that mix the decreasing property valuations, along with an increase in short sales and foreclosures, and the result is an intensely competitive and difficult market dynamic for Sellers.

So what viable home marketing options are available for today’s Sellers in the midst of such dire circumstances?

Option 1:   FSBO (For Sale By Owner) – This option not for the faint in heart and exposes you to the most risk. In this instance, the Seller is completely on their own and does everything. From determining market value and listing price, to creating all marketing materials, and negotiating contracts directly with all potential Buyers. This particular option normally has the potential for greater success in a brisk Seller’s market, but becomes increasingly more difficult as the market slows. Your chances for attracting a viable Buyer can be significantly improved by at least offering/promoting a Buyer’s Agent commission. Some degree of potential liability can be reduced if all contracts are reviewed by legal counsel.

Option 2:   Limited Service Agency – There instances or circumstances where utilizing a Limited Service Broker can be a viable option. Not all of them are the same, but most of them start off with a very basic ‘flat-fee’ listing contract. For $X-amount, they will put a sign up in your yard and input your home in the local MLS (Multiple Listing Service). Any additional services, such as a lock box, flyers/flyer box, counseling or negotiation services, are typically extra ‘menu’ items you can elect to pay for. Most Limited Service Agencies recognize the value of offering a Buyer’s Agent commission. Make sure that what you are offering is comparable/competitive with other similar property commissions. While not as risky as the FSBO, this option still assumes some exposure to potential liability, especially if you’re handling all the contract paperwork. At a minimum, have a real estate attorney review all contracts.

Option 3:   Full Service Agency – By far the most common form of agency representation is the ‘Full-Service’ brokerage. In all fairness though, it should be noted that not all so-called ‘Full-Service’ brokers or agents actually make good on their promise to provide a full or complete range of services. This is an unfortunate reality in almost every business, not just real estate. Any broker or agent who claims to offer full services should be able to effectively articulate their value proposition and justify their commission. For those of us who genuinely strive to achieve such levels of client service, we understand that our primary role is to relentlessly represent our clients best interests and to empower them through our professional knowledge, experience, and expertise. We possess the skills necessary to effectively market properties in today’s economic downturn and get them sold! We leverage the power of the Internet to the fullest extent possible, ensuring that your home receives maximum exposure. We pride ourselves on our intimate knowledge of the local real estate market and our ability to analyze/interpret relevant data. We educate, inform, and counsel our clients throughout all phases of the transaction. We stay current on the ever-changing mass of local, State, and Federal laws and regulations applicable to real estate practices, and help our clients navigate through them. We master the art of skilled negotiation so our clients can successfully achieve their goals. We help facilitate/coordinate all elements of the home buying/selling process in order to ensure an efficient and timely closure. We assume the stress, the worries, the risks, and the liabilities so our clients can move on to the next adventure in life.

There’s an old adage, “You get what you pay for!” Unfortunately, all too many times, we find ourselves holding onto the short end of the stick, and getting less than what we paid for. At the end of the day, it’s always my hope and desire that I would exceed my client’s expectations; that the value/benefit vs. cost of my services would be clearly evident to them; and that my actions and level of service would merit their continued trust and referrals.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: for sale by owner, fsbo, full service broker, Kitsap County WA real estate, limited service broker, selling your home

This is the 3rd and final installment in a series entitled “The Art of Offering Less” and deals with the unique nuances associated with tendering an offer that is lower than the asking price.

In the 1st article we discussed the market dynamics that tend to encourage or breed low offers.

In the 2nd article, we shared various strategies for Buyers to achieve success with low offers.

In this final part, we’ll talk about the risks that are inherent with making low offers.

Obviously, the biggest risk you run in offering less is leaving the door of opportunity open for another Buyer to come along and rain on your parade. By this I mean, that while you and the Sellers are negotiating the price, and countering back and forth, another Buyer can come along and offer something more attractive. This effectively puts you in a defensive posture, and usually results in you having to sweeten your offer. As a result, you typically end up paying out way more money than you would have if you had simply offered a reasonable amount in the first place.

Therein lies the true secret of writing a low offer – determining that ‘magical’ initial price that doesn’t insult the Sellers, but yet is still within reason so that it attracts their interests and serious considerations.

As a Listing Agent, I always counsel my Sellers to consider each and every offer as a serious offer, regardless of whether it’s low or not. Unfortunately, not all Sellers are properly represented or counseled. As such, there are those who take low offers as a personal insult and refuse to respond back to the Buyers. At the very least, you should always counter back to an amount you feel is more reasonable.

Just because the market has slowed and the inventory of available homes has increased, don’t assume that every Seller is desperate and willing to consider a lowball offer. Many Listing Agents are now counseling their Sellers to price their homes very aggressively right out of the gate in order to effectively compete against short sales and foreclosures. Be sure to work with a Buyer’s Agent who has an intimate knowledge and understanding of your local market, and can provide you with accurate comparative analysis/justification for home valuations.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Posted in Buyers, Real Estate Bites, Sellers | 6 Comments »

Tags: buyers market, home buyer tips kitsap washington, Kitsap County WA real estate, making a low offer, Silverdale WA Real Estate

Yeah, I know, not the most glamorous of blog titles, but I need to keep reminding myself the whole purpose behind SoundBiteBlog is to provide helpful, relevant information for my clients and potential clients of residential real estate here in Kitsap County WA.

Many of the older, turn-of-the-century homes here in the Bremerton WA area and outer-lying rural locations use or have used oil heating. Although many have been converted over to natural gas heating, the underground oil storage tanks may still remain on the property. As such, these unused tanks can pose potential problems for homeowners and the environment.

Most standard sized oil tanks can last up to 30 years or more before being subject to potential corrosion, and eventual leaking. A leaking oil tank can lead to some very serious problems for owners, such as:

• Contamination of the soil on the subject property and adjacent properties
• Contamination of groundwater if nearby wells are providing drinking water
• Contamination of surface water, such as ponds, lakes, or rivers
• Vapor seepage and accumulation under or in nearby buildings
• Potential for sinkholes due to collapsing oil tanks

Property owners, both past and current, can be found liable for contamination from a leaking tank. This may result in some very costly reparations or legal proceedings. In addition, many mortgage lenders and Buyers require decommissioning of unused oil tanks before a real estate transaction can be finalized. As such, it’s usually in the best interests of all parties to either remove or decommission an unused heating oil tank.

There are two primary methods for resolving unused heating oil tanks – removal or decommissioning.

REMOVAL

Obviously, the best remedy is to remove/evacuate the tank completely. This ensures that adequate soil samples can be taken and all potentially contaminated soil can be more easily removed. Some lenders may require that the tank be removed as a condition of the sale. However, this method is also the most invasive and obviously requires that a portion of the property yard be excavated.

DECOMMISSIONING

Be sure to check with your local Fire Marshal or refer to County regulations to determine what steps are required and approved for oil tank decommissioning. Keep in mind the following points before selecting the appropriate method for you:

• In some instances, soil samples will need to be taken beneath the tank to determine the extent of contamination, if any.

• The costs for obtaining soil  samples may be as much or more than the removal of the tank.

• The tank must be pumped out and cleaned before it is decommissioned in place.

• All internal tank liquids must be disposed of properly.

• Some local ordinances may not allow for unused tanks to remain in place.

• A tank that has been filled in place may be difficult to move at a later date.

It is my personal recommendation that you hire an experienced 3rd-party licensed professional contractor to perform the work, and provide you with documentation that verifies their work. That way you will better assured that the remedial action meets with any and all local or State regulations, and you have a recourse in the event of any future concerns.

Here in Kitsap County WA we have three predominant contractors who are experienced in oil tank removal and or decommissioning:

Don Depee with A& M Heating – 360.895.8580

Ray Lee with Poulsbo Heating – 360.779.9733

Dan Hayes with Peninsula Tank – 360.613.5866

For further reference, consult with the following WA State regulations, codes, and reports:

The Model Toxics Control Act (MTCA; RCW 70.105D)

WAC 173-340 (Toxic Control Act Clean-up Implementation)

1997 Uniform Fire Code (WAC 51-44)

WA Dept. of Ecology Report R-TC-92-117

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com and Crabbing in the Hood.

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Tags: Bremerton WA Real Estate, decommissioning, heating oil tanks, Manette WA real estate, removal, West Bremerton WA real estate